FEDERAL GOVERNMENT SUSPENDS INTRODUCTION OF FIVE PERCENT EXCISE DUTY ON DIGITAL ECONOMY

The Federal Government has suspended the introduction of five percent excise duty in the digital economy sector, a tax which was earlier proposed by the Minister of Finance. Minister of Communications and Digital Economy, Isa Pantami disclosed this in Abuja during the inauguration of a committee that will review the policy. Pantami said he personally rejected the policy and advised president Muhammadu Buhari against it in view of the effects it will have on the digital economy.

According to him, the introduction of excise duty in the telecommunication and information and communications technology industry will jeopardise the successes already recorded within the industry. The Minister also noted that currently the ICT sector is over-burdened with multiple taxations both at the federal and state level. He further disclosed that there are more than 41 taxes that telecommunication and ICT companies are paying and it will be unfair to subject them to payment of excise duty.

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